Daily Market Wrap: April 24, 2012Tuesday, April 24, 5:33 PM ET

Strong earnings results gave the markets a lift this morning, but stocks traded mixed later in the day.

On the economic front, the Commerce Department is reporting a 7.1 percent drop in new home sales in March to a seasonally adjusted rate of 328,000 units, which was better than expectations.

Also in the housing sector, home prices fell in February, according to the S&P Case-Shiller home-price index, marking six straight months of declines.

The Conference Board said that consumer confidence edged down slightly to 69.2 in April from a downwardly revised 69.5 in March.

Another big day for earnings, with AT&T (NYSE:T) beating earnings expectations by a narrow margin, reporting net income which rose to $3.6 billion in the first quarter, up from $3.4 billion in the same period a year ago.

Also among Dow components, 3M (NYSE:MMM) posted better than expected profits, thanks to solid industrial sales and the company also raised its EPS guidance.

Tomorrow, we'll take a look at the numbers for weekly mortgage applications as well as earnings results from Boeing (NYSE:BA) and Credit Suisse (NYSE:CS).

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